Calendar
Some important dates in the week ahead:
Monday, May 20
Securities and Exchange Commission accountants address SEC financial reporting at the Compliance Week annual conference. Washington.
Monday, May 20 – Tuesday, May 21
The American Institute of Certified Public Accountants conference on income and estate taxes and high-income taxpayers, and other topics. Las Vegas.
What Congress should ask IRS, but probably won’t
(Reuters) – The House of Representatives Ways and Means Committee on Friday will hold the first of three hearings on the Internal Revenue Service “Tea Party” targeting scandal.
Tax experts hope the hearings go beyond finger-pointing and get to the heart of the IRS’s long-standing problems. If they can get past the fist-pounding stage, here are some questions lawmakers should ask:
More tax lobbyists working Washington’s hallways, meeting rooms
May 15 (Reuters) – The ranks of lobbyists are growing in
Washington again as Congress flirts with a possible overhaul of
the complex U.S. tax code.
After declining for two years, the number of companies that
hired a tax lobbyist, or lobbied on tax issues using in-house
staff, rose modestly to 1,509 in the first three months of 2013,
up from 1,487 during the same quarter a year ago, according to
government filings analyzed by the nonpartisan watchdog group
the Center for Responsive Politics.
IRS eyes U.S. accounts at Caribbean bank
(Reuters) – The Justice Department said on Tuesday that a federal court had authorized the Internal Revenue Service to seek information on U.S. taxpayers who may have accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB).
In a move resembling a recent IRS inquiry into Americans with Swiss bank accounts, the Justice Department said a court order would let the IRS serve a ‘John Doe’ summons seeking records of FCIB’s U.S. correspondent account at Wells Fargo & Co. A correspondent account is a bank deposit account maintained by one bank for another bank.
U.S. taxpayer Caribbean accounts targeted: Justice Department
(Reuters) – The Justice Department said on Tuesday that a federal court had authorized the Internal Revenue Service to seek information on U.S. taxpayers who may have accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB).
In a move resembling a recent IRS inquiry into Americans with Swiss bank accounts, the Justice Department said a court order would let the IRS serve a ‘John Doe’ summons seeking records of FCIB’s U.S. correspondent account at Wells Fargo & Co. A correspondent account is a bank deposit account maintained by one bank for another bank.
U.S. taxpayer Caribbean accounts targeted -Justice Dept.
April 30 (Reuters) – The U.S. Justice Department said on
Tuesday that a federal court had authorized the Internal Revenue
Service to seek information on U.S. taxpayers who may have
accounts at Canadian Imperial Bank of Commerce FirstCaribbean
International Bank (FCIB).
In a move resembling a recent IRS inquiry into Americans
with Swiss bank accounts, the Justice Department said a court
order would let the IRS serve a ‘John Doe’ summons seeking
records of FCIB’s U.S. correspondent account at Wells Fargo & Co
. A correspondent account is a bank deposit account
maintained by one bank for another bank.
Justice Dept. targets U.S. taxpayer accounts at Caribbean bank
April 30 (Reuters) – The U.S. Justice Department said on
Tuesday that a federal court has authorized the Internal Revenue
Service to seek information on U.S. taxpayers who may have
accounts at Canadian Imperial Bank of Commerce FirstCaribbean
International Bank (FCIB).
In a move resembling a recent IRS inquiry into Americans
with Swiss bank accounts, the department said a court order will
let the IRS serve a ‘John Doe’ summons seeking records of FCIB’s
U.S. correspondent account at Wells Fargo & Co.
Essential reading: Republicans pursue tax reform, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
* GOP moves away from entitlements and toward tax reform in budget deal. Lori Montgomery – The Washington Post. With another fight over the national debt brewing this summer, congressional Republicans are de-emphasizing their demand for politically painful cuts to retirement programs and focusing on a more popular prize: a thorough rewrite of the U.S. tax code. Link
* Push to require online sales tax divides the GOP. Jonathan Weisman – The New York Times. Legislation that would force Internet retailers to collect sales taxes from their customers has put antitax and small-government activists like Grover Norquist’s Americans for Tax Reform and the Heritage Foundation in an unusual position: they’re losing. Link
Tax strategy may be key to Verizon Wireless deal
By Kevin Drawbaugh and Nanette Byrnes
(Reuters) – Verizon Communications Inc’s chances of buying the 45-percent stake in Verizon Wireless owned by the UK’s Vodafone Group Plc will hinge, at least in part, on the quality of tax advice it is getting.
Verizon (VZ.N: Quote, Profile, Research), the No. 2 U.S. telecommunications company, may have found a way to structure a purchase of the stake so that Vodafone (VOD.L: Quote, Profile, Research) can avoid a multi-billion dollar U.S. capital gains tax bill, sources familiar with Verizon’s plans said. The possibility of a huge tax bill has previously been regarded by analysts as a big hurdle to any such deal.
Analysis: Tax strategy may be key to Verizon Wireless deal
By Kevin Drawbaugh and Nanette Byrnes
(Reuters) – Verizon Communications Inc’s chances of buying the 45-percent stake in Verizon Wireless owned by the UK’s Vodafone Group Plc will hinge, at least in part, on the quality of tax advice it is getting.
Verizon, the No. 2 U.S. telecommunications company, may have found a way to structure a purchase of the stake so that Vodafone can avoid a multi-billion dollar U.S. capital gains tax bill, sources familiar with Verizon’s plans said. The possibility of a huge tax bill has previously been regarded by analysts as a big hurdle to any such deal.
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